Should You Invest In Bitcoin? Investing in cryptocurrency | Bitcoin Investments for Beginners

Should You Invest In Bitcoin? Investing in cryptocurrency | Bitcoin Investments for Beginners

Should You Invest In Bitcoin? Investing in cryptocurrency | Bitcoin Investments for Beginners

Article of this topic: https://beginnertuts.net/should-you-invest-in-bitcoin-investing-in-cryptocurrency/

Hello, guys and welcome to another amazing video by Beginner Tuts. So today we’re going to start off by getting to know a good old friend of mine: everybody please say hi to Bob! Now a few years ago, back in 2012, Bob was just a regular guy like you and me: binge watching Friends, chilling at the docks, looking for work. But one day, Bob woke up and decided to make a change – he invested $100 in bitcoin. Fast forward a good 5 years and Boom! Bob is rolling around in cash and worth $1.6 Millions! Before we can understand how Bob made millions, at first let’s brush up on our basics: what are bitcoins? and the system of bitcoin investment.

To put it simply, Bitcoin is a virtual currency. It’s the first form of cryptocurrency ever created. It was made by a man under the name of Satoshi Nakamoto, who has since disappeared and left behind an enormous fortune. The difference between bitcoin and paper money is that whereas the latter’s transactions and storage are controlled by banks, And bitcoins are controlled completely by the people. For this very reason, a few countries are openly hostile towards the currency – the government has little to no control over the money.

The hype in bitcoin investment began to rise when criminals started favoring it as an easy and hassle-free means of transaction. From 2011 prices have soared from a low 30 cents per coin to a groundbreaking $12,000 on November 29th, making an initial investment of $100 equates to a massive $3,773,758.93. No wonder Bob’s happy. Now here’s the million dollar question: Should you still invest in bitcoin?

Investing in Bitcoin
When it comes to investing bitcoin, the possibility of crashes is the big gamble you’ll have to take. The prices are at an all time high and even though they might project even further, there is a very real chance that they might come crashing down to their initial rate. Apart from that there’s also the matter of security. Bitcoins are stored in either an online Bitcoin Wallet or on your local computer. But say for example your online wallet got hacked or your computer hardware crashed – all of that money would be lost forever. If you ask Bob, you should not invest in bitcoin if one or more of the following apply to you:

You’ve heard your next door neighbor make an “easy profit” and now you want money too: Investing due to someone’s influence and with absolutely no knowledge of the system or market is a bad decision.
You have too much to lose: Investments aren’t the best option if someone is already having trouble financially. The bitcoin market is extremely volatile and a profit is no way guaranteed.
Investing is an excuse to quit your day job: Don’t. In one word, just don’t. Quitting your regular 9 to 5 job for this makes no sense at all.

Despite the negatives, for those of you still curious about how to invest in bitcoin, yours truly has some wise bitcoin investment strategies laid out for you. Buying bitcoin today is extremely simple, with many established companies in the US and abroad, dedicated to the buying and selling of bitcoins. If you reside in the US, Coinbase is the best way to go. Coinbase sells bitcoins at a markup around 1% over the current market price and even has an option to link your bank account to your Coinbase wallet for smoother transactions.

If you’re looking for more of a traditional exchange, then BitStamp may be the right way to go. Instead of purchasing from a company, with BitStamp, you trade directly with other users. Costs start from .5% and go all the way down to .2% as the amount of bitcoins increase. You can learn more about bitcoin investments for beginners in this book ” Bitcoin Boss “.

Article of this topic: https://beginnertuts.net/should-you-invest-in-bitcoin-investing-in-cryptocurrency/